Can you reopen a closed life insurance policy?
30 Days or Less: The majority of insurance companies allow you to reinstate a lapsed policy without any underwriting or questions. Simply call your insure...
Category: Updates
Who is a foreign person for foreign gift tax?
There are differences in the foreign gift tax treatment of cash and property. A non-resident alien donor is subject to foreign gift tax on transfers of re...
Can you get money back from Medicare?
Each year, Basic Option members enrolled in Medicare Part A and Part B can get cash back in their bank accounts. The Blue Cross and Blue Shield Service Be...
How are bond premiums treated for tax purposes?
If the bond is a tax-exempt municipal, you report the loss of premium value and subtract the loss from the cost basis of the bond, but you don’t subtract ...
Is my ex wife entitled to my pension if she remarries?
A share of a monthly pension paid as marital property to a former wife usually does not stop if she remarries. Alimony can be paid for a certain number of...
Is e-filing better?
Safety. E-filing is more secure than paper filing, according to the IRS, because the return, with all your sensitive information, is transmitted directly ...
What does family partnership mean?
Key Takeaways. A family limited partnership (FLP) is a business or holding company owned by two or more family members in which each family member can buy...
What happens if one sibling inherits a house?
One sibling wanted to sell the property in order to buy a home with their partner. The question and my answers are below: “I have recently inherited a pro...
Does home office deduction reduce basis?
If they deduct actual home office expenses, depreciation deductions reduce the adjusted basis of their home. If they use the simplified option, no basis a...
When did the exit tax in NJ start?
However, many people were leaving the state without paying this tax. To stop this New Jersey passed legislation (which went into force on June 29, 2004) t...
